Brazil’s Central Bank announces that users will be able to integrate cell phone contact lists to PIX payment system

RIO DE JANEIRO, BRAZIL – The Central Bank of Brazil announced this Thursday, March18th, the authorization for telephone contact lists to be integrated with PIX – the institution’s instant payment system. With this, banks will be able to develop tools to integrate transfer and payment applications with the phone numbers stored in users’ cell phones.

“The change aims to facilitate the identification of those who have registered their cell phone number as a PIX key, further simplifying the payment experience with this functionality,” the Central Bank evaluated in a statement.

Another change allows users to request changes in the information of keys already registered in the PIX, such as full name, business name and title of the establishment – without the need to delete the previous key and create a new one.

“This possibility will facilitate, for example, the adjustment when a person changes their name due to marriage, or a company changes the business name of the establishment. It is also allowed, from now on, that the end user, a natural person, can request the linking of his or her social name to the Pix key,” explained the Central Bank.

The monetary authority also established in the regulation that banks are forbidden to set limits for the number of transactions on the PIX, whether sending or receiving. According to the Central Bank, this prohibition is necessary to ensure equal competitive conditions between the different payment instruments.

Source: Central Bank of Brazil

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.